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A couple of questions:Do you clain the rental property on your taxes? Is the property showing a profit?What type of loan do you have on rental property? FHA, VA, conventional or USDA? When you applied for the mortgage did you list it as your primary, 2nd or investment property?Are you looking at homes in a higher or lower price range?How close will the properties be (miles apart)?Did you own another home when you moved away? If so, have you sold that property?Lenders and their underwriters will look at the aforementioned questions to determine your eligibilty along with income, assets, credit and employment.Feel free to click on my profile if you have any other questions you would like answered by a lender.
I would put a question back to you first before answering yours, mainly, why would you believe there is risk for having two mortgages in one small city? You mention "diversify" as though this is a stock purchase. Unless you're trying to do some form of dollar cost averaging within real estate, it's probably not a realistic way to consider it.If you're worried that because it's a small town and there are limited job opportunities, and therefore if one main employer fails then there will be a major drop in home values - then you should probably take into consideration your own employment stability depending on how many income earners are in your household - and your renter's employment stability, etc. Could you afford both properties if one or more jobs were lost? What level of reserves (cash in the bank or other investments) do you have available to make payments if something happens, etc.These would be a few of the financial planning elements I would put into it. If you can get low interest rate loans (which is all over right now) and very reasonable payment levels for your income situation, then you should be good. Don't overextend. Consider that if you are looking for long term holds on one or both of these properties that a low interest 30-year loan would be in your favor.
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